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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y1.9tn of 5-Year JGB's
re-opening JB#143. The MOF last sold 5-Year debt on April 9, the auction drew
cover of 4.977x at an average yield of -0.095%, average price of 100.97, high
yield of -0.093%, low price of 100.96, with 43.4187% of bids allotted at the
high yield.
- Last month's auction went well.
- The line last yields -0.11%, sitting closer to the richer end of the YtD rang
than the cheaper end.
- The continued desire of the BoJ to foster a steeper yield curve alongside more
active dealing in the belly of the JGB curve via Rinban operations could support
demand at the upcoming auction.
- From a relative value perspective the 2-/5-/10-Year fly holds around the
midpoint of the recent range after the volatility that was seen back in March.
- Results due at 0435BST/1235JST
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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